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Amazon.com inked a deal to penetrate more South Korean users of SK Telecom's e-commerce unit 11Street Co., who will be provided with a "differentiated experience" of products available from the US firm's platform.
SK Telecom, which is currently planning an initial public offering (IPO) for 11Street, did not provide a specific time frame for the service's launch.
According to SKT, the SK Telecom unit that operates 11Street Co., Amazon would purchase up to 30 percent of 11st’s company shares based on the South Korean company's progress in the local market.
Industry observers believe Amazon would get preemptive rights to the stock.
Saying it's at an early stage of their agreement, SKT said it would reveal more details about the new services with Amazon.
11Street's posted sales of 135.7 billion won in the third quarter, surging 8 percent from the same period last year.
The e-commerce unit is among SK Telecom's list of subsidiaries that will pursue IPOs.
